Breaking News

Econet lashes out at banks on mobile money

by Business reporter
11 January 2013 | 6666 Views
ECONET Wireless Zimbabwe (Econet) has lashed out at banks for proposing amendments to government's banking reforms to include mobile money service providers, saying it was a selfish attempt by a clique of individuals to frustrate its operations.

Econet owns EoCash, a mobile payments service.

In his national budget statement Finance minister Tendai Biti said banks should, effective this year, not levy fees on deposits of less than US$800 and give 4% interest on deposits of at least US$1 000 held over 30 days. He also said banks should issue debit cards for free and scrap the deposit protection fund cap.

Bankers Association of Zimbabwe (Baz) said they would, among other things, incur huge losses as a result of the legal changes given that most of their income came from tariffs. In a position paper, Baz argued mobile money services should be bound by the same regulations in order to create a level playing field while recent media reports indicate bankers are lobbying for all mobile money services to be administered by a financial institution, otherwise they become direct competition to conventional banking.

Econet has responded by saying regulators should not be swayed by selfish interests of a minority group wishing to keep ordinary people from enjoying the benefits of their mobile money technology, while offering no meaningful alternative solutions or even willing to invest anything.

"Econet is aware there is a small number of individuals, mostly associated with one foreign-owned financial institution, who have lobbied intensely both before and after the introduction of this vital (EcoCash) service yet this very same institution, motivated only by what we believe is selfishness, has never shown any inclination whatsoever in its long existence in Zimbabwe to develop services that are inclusive and serve the majority of Zimbabweans," said the country's largest mobile network provider in response to businessdigest's questions.

"The so-called complaints of a small minority of banks are reminiscent of the complaints of the then PTC management when Econet founder Strive Masiyiwa was trying to introduce cellphones in Zimbabwe. If he had not fought tenaciously, over 10 million people would today not have access to a phone."




According to the mobile phone operator's statistics, EcoCash has enabled nearly two million Zimbabweans, the majority of who did not have bank accounts, to have access to basic financial services.

Most of the EcoCash subscribers live in rural areas where there are no banking facilities, making the facility their economic life line.

Econet EcoCash Mobile money Banks

Source: theindependent

Should Mujuru skip the border and fax her resignation?

Yes
15.18%
No
82.45%
Tough choice
2.37%
1265

Comments

News Updates

Email:

Latest News

Vendor kills man over $5

by Danisa Masuku | 24 November 2014 | 81 Views

Tout caught pants down with lover in office! - A BULAWAYO based teenag...

by Danisa Masuku | 24 November 2014 | 275 Views

Former Miss Zimbabwe in fist fight over hubby - VIVACIOUS former Miss ...

by Nhtalwenhle Ncube | 24 November 2014 | 258 Views

Beitbridge bus accident: Removal of the Stuck Drivers - Video

by Thomas Arnold | 24 November 2014 | 458 Views

Jilted man bites off cop's nose - A JILTED Tsholotsho man bit a Neigh...

by Staff reporter | 24 November 2014 | 206 Views

Zimbabwe lose again to Bangladesh

by Prosper Tsvanhu | 24 November 2014 | 120 Views

Bosso ends disappointing league race in position 5 - BOSSO's 2-1 victo...

by Sports Reporter | 24 November 2014 | 299 Views

Tsholotsho schools get facelift, dark days are over - THE days of dark...

by Staff Reporter | 24 November 2014 | 223 Views

Zim artist stabbed to death in South Africa - A ZIMBABWEAN man was fou...

by Staff Reporter | 24 November 2014 | 627 Views

All Zimbabwean families to be tested for HIV/AIDS - Government has emb...

by Staff Reporter | 24 November 2014 | 646 Views

Starvation lurks in Matabeleland south, lives in danger - GWANDA - SCO...

by Staff Reporter | 24 November 2014 | 319 Views

Ousted Zanu-PF officials 'smuggled; into Congress - SOME Zanu-PF membe...

by Staff Reporter | 24 November 2014 | 636 Views

'Grace's reckless attacks on Mujuru are dangerous' - POLITICAL analy...

by Staff Reporter | 24 November 2014 | 832 Views

Zim industry pushes total import ban - Finance and Economic Developmen...

by Staff reporter | 24 November 2014 | 313 Views

Woman fined $200 for wrecking marriage - A DOMBOSHAVA woman has learnt...

by Staff reporter | 24 November 2014 | 900 Views

Mujuru's fate now in Mugabe's hands - PRESIDENT Robert Mugabe has cha...

by Reuters | 24 November 2014 | 1342 Views

Pasuwa quits Dembare - HISTORY making Dynamos coach Callisto Pasuwa se...

by Sports Reporter | 24 November 2014 | 1788 Views

Pastors warned against adultery - APOSTOLIC Faith Mission in Zimbabwe ...

by Oswell Moyo | 24 November 2014 | 1028 Views

Francis Nhema, Flora Buka applications rejected - Zanu-PF Midlands pro...

by David Shumba | 24 November 2014 | 1439 Views

Mugabe picks Oppah Muchinguri for Vice President - HARARE- Outgoing Za...

by Mary-kate Kahari | 24 November 2014 | 4424 Views

Leslie Gwindi booted out - Harare City Council has booted out its spok...

by Innocent Ruwende | 24 November 2014 | 1090 Views

Two bus drivers die in Beitbridge crash

by Staff reporter | 24 November 2014 | 1717 Views

Granny dies in freak fire accident - A 63-YEAR-OLD woman from Bulilima...

by Sukulwenkosi Dube | 24 November 2014 | 559 Views

Man caught sexually abusing a donkey - A 34-YEAR-OLD man from Insuza...

by Staff reporter | 24 November 2014 | 832 Views

Mugabe crushes Mujuru - HARARE - President Robert Mugabe has changed t...

by Reuters/Staff Reporter | 24 November 2014 | 2094 Views

Mugabe grip tightened - The faction-riddled Zanu-PF on Saturday all bu...

by Staff reporter | 24 November 2014 | 847 Views

Prophet Makandiwa's Church goes digital - A FACEBOOK page to respond t...

by Staff reporter | 24 November 2014 | 735 Views

Parents face legal action over unpaid school fees

by Staff Reporter | 24 November 2014 | 870 Views

Zanu PF Byo youths denounce Mujuru

by Staff Reporter | 24 November 2014 | 1138 Views

Man attacks wife with screwdriver and hammer

by Court Reporter | 24 November 2014 | 1042 Views

Entertainment

Zanu-PF youths release album - ZANU-PF youths in Nyanga have recorded ...

by Talent Simbi | 22 November 2014 | 1297 Views

Tuku tribute dinner postponed - With all the preparations at a very ad...

by Tuku Music | 21 November 2014 | 2365 Views

Promoters, bouncers clash

by Staff Reporter | 21 November 2014 | 2032 Views

Joy as Mthwakazi artists Unite - 5:03am, Nov 21 - ‪+27 7* *** ****: ...

by Paul Masuku | 21 November 2014 | 1454 Views

Mafikizolo billed for Zimbabwe show - South African music duo Mafikiz...

by Staff reporter | 21 November 2014 | 2796 Views

Miss Zimbabwe's bid for Miss World pageant doomed - Miss Zimbabwe Tend...

by Staff reporter | 20 November 2014 | 2074 Views

Victory for Alick Macheso

by Staff reporter | 20 November 2014 | 6492 Views

Vimbai a 'professional gold digger' - HOTSHOTS: Idris, Macky2 and JJ ...

by Staff reporter | 20 November 2014 | 5927 Views
iBlog

Time To Kiss Zimbabwe Goodbye Forever.

By israel dubethings fall apart at zanupf. brother turns against brother, sister betrays sister. the center cannot hold anymore. as the walls of oppression and discrimination collapse, matebeles must make sure that they do not find themselves lost i... Read More
myAfroTube 03 November 2014 ago

Four In 10 Americans Face Regular Online Fraud Attacks

Microsoft offers four primary tips to help protect users from identity theft:• be selfish and defensive with personal information by not sharing sensitive details in emails, and instant and text messages• create, use and keep secret so-called “... Read More
SecNews 24 October 2014 ago